Liquefied Natural Gas Market Growth Prediction 2019: Royal Dutch Shell, ExxonMobil, Chevron, Total SA, BP Plc, PetroChina, China Petroleum and Chemical Company, and Conoco Philips.
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The major players operating in the global liquefied natural gas market include Royal Dutch Shell, ExxonMobil, Chevron, Total SA, BP Plc, PetroChina, China Petroleum and Chemical Company, and Conoco Philips.
Liquefied natural gas is the cleanest hydrocarbon and is a major source of energy. Global liquefied natural gas market is projected to witness a substantial growth over the forecast period, mainly owing to increasing demand for LNG from industrial and transportation sectors. Increasing integration of technologically advanced processes in liquefaction fuelled by continuous research, increasing awareness about advantages of use of natural gas as an alternative to fossil fuels, and rapid adoption of liquefied natural gas as a cleaner source of energy across the globe are some of the factors expected to augment growth of the global market. Some of the key factors fueling demand for LNG are increasing import and export activities across the region to meet rising demand for efficient energy from commercial and residential sectors.
Factors such as high installation cost and feasibility of piping infrastructure in remote regions may hamper growth of global liquefied natural gas market over the forecast period.
Key Trends and Analysis of the Liquefied Natural Gas Market:
Among application, power generation segment held a dominant position in 2016 and is projected to retain its dominance over the forecast period. This is owing to increasing use of liquefied natural gas in electricity generation. According to a survey conducted by Energy Information Administration, in the U.S., the electricity industry is expected to increase natural gas-fired generating capacity by 11.2 gigawatts (GW) in 2017 and 25.4 GW by 2018.
Key Takeaways of the Market:
According to Coherent Market Insights study, Asia Pacific accounted for highest market share in terms of revenue in global liquefied natural gas market in 2016. The region is expected to maintain its dominance over the forecast period. Increasing regasification terminals especially in China, Japan, and South Korea is expected to fuel growth of the Asia Pacific liquefied natural gas market in the near future. According to California Energy Commission report, around 40 regasification terminals are under construction in China, India, Japan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan (Republic of China), and Thailand.
Asia Pacific is projected to be the fastest growing region in global liquefied natural gas market, witnessing a CAGR of 13.0% over the forecast period. In Asia Pacific, countries such as China, Japan, South Korea, and India, are expected to witness significant growth in the Asia Pacific liquefied natural gas market in the near future. According to International Gas Union World LNG Report, in 2016, Asia Pacific accounted for the largest importing region in the global market. Demand in China and India was increased by 6.9 million tons and 4.5 million tons respectively in 2016.
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Key players are improving their production capacity to compete in the global market through joint ventures, merger and acquisition. For instance, in 2017, The Shell Petroleum Development Company (SPDC), is a joint venture between the government-owned Nigerian National Petroleum Corporation (NNPC, 55%), SPDC (30%), Total E&P Nigeria Ltd (10%), and ENI subsidiary Nigerian Agip Oil Company Limited (5%).
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